Gold price today, February 28: Range-bound movement in yellow metal on MCX; should you buy?
Gold price today, February 28: In the international market, Gold quoted at $1,814.10 per ounce while Silver was down by 0.52 per cent at $ 20.685 per ounce.
Gold price today, February 28: Gold price dipped on Tuesday to trade near Rs 55,000 on the Multi Commodity Exchange (MCX) as the precious metal headed for biggest monthly loss since June 2021 amid the Federal Reserve tapping the more hawkish tone than anticipated.
On MCX, Gold April Futures were trading at Rs 55,362 per 10 grams, down Rs 114 or 0.21 per cent. Silver March Futures were also trading lower at Rs 63,660 per kg, down by 0.41 per cent.
"Gold prices extended its weakness for the fourth straight week as higher than expected US inflation numbers raised the prospects of Fed keeping rates elevated for longer period than anticipated. Further, in FOMC minutes most participants favored for rate to move higher and stay high until inflation dips towards the key target zone of 2 per cent," ICICIdirect said.
In the international market, Gold quoted at $1,814.10 per ounce while Silver was down by 0.52 per cent at $ 20.685 per ounce.
Trade call by IIFL Securities
Gold April Contract
Buy- Rs 55,200
Stop Loss- Rs 55,000
Target- Rs 55,700
Silver
Buy- Rs 62500
Stop Loss- Rs 62,000
Target- Rs 63,500
Meanwhile, the rupee was trading at 82.69 against the US dollar. The international oil benchmark Brent crude futures was up by 0.22 per cent to USD 82.22 per barrel.
Also Read: Income Tax: What are the 3 deductions under the new tax regime?
Gold Price City-wise In India as of February 28, 2023, for 22k
Chennai - Rs 52,070
Mumbai - Rs 51,450
Delhi - Rs 51,600
Kolkata - Rs 51,450
Bangalore - Rs 51,500
Hyderabad - Rs 51,450
Kerala - Rs 51,450
Pune - Rs 51,450
Vadodara - Rs 51,500
Ahmedabad - Rs 51,500
Jaipur - Rs 51,600
Lucknow - Rs 51,600
Coimbatore - Rs 52,070
Madurai - Rs 52,070
Vijayawada - Rs 51,450
Patna - Rs 51,500
Nagpur - Rs 51,450
Chandigarh - Rs 51,600
Surat - Rs 51,500
Bhubaneswar - Rs 51,450
Mangalore - Rs 51,500
Visakhapatnam - Rs 51,450
Nashik - Rs 51,480
(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)
Click here to get more stock market updates I Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.